3.2 PRODUCTION FUNCTION OR INPUT-OUTPUT RELATIONSHIP SHORT RUN AND LONG RUN PRODUCTION FUNCTION Production function may be defined as the functional relationship between physical inputs that’s factors of production (land‚ labour etc) and physical outputs that is quantity of goods produced. Thus the production function expresses the relationship between quantity of output and the quantities of various inputs used in production. The physical relationship between a firm’s physical input and output
Free Economics Economics of production Output
The most recent popular cell phone to be introduced is the iPhone. Aside from the multiple grammatical errors in the article‚ I found it interesting that there was a situation where there is an extremely high demand for a product but no supply. Due to the lack of sellers in the market‚ it has created an illegal black market monopoly for the iPhone. The legal way to supply cell phones in China involves a monopoly of two state-owned companies that act as cellular operators who demand a profit-share
Premium Mobile phone Cellular network
ASSIGNMENT 1‚ March 7 ECO202 Exercise 1. Multiple choice questions 1. Economists normally assume that the goal of a firm is to a. | maximize its total revenue. | b. | maximize its profit. | c. | minimize its explicit costs. | d. | minimize its total cost. | 2. Trevor’s Tire Company produced and sold 500 tires. The average cost of production per tire was $50. Each tire sold for a price of $65. Trevor’s Tire Company’s total costs are a. | $7‚500. | b. | $25‚000. | c
Premium Costs Economics Microeconomics
to complete extraction are important. If these two elements are not taken into consideration‚ the extraction may not be complete‚ or the extract may contain a large quantity of undesired impurities. The natural fats and oil are mixtures of glycerides of fatty acids. Fats and oils are naturally occurring organic compounds which belong to a large group of water insoluble substances called lipids. Lipids are relatively non-polar molecules‚ they can be pulled out of a sample using relatively non-polar
Premium Solvent Solubility Diethyl ether
Midstream Gas Processing Frac Spread What is it? Why is it important? The Midstream Value Chain Gathering / Processing NGLs Fractionation Transportation Storage Marketing Chemicals‚ fuels‚ blend stocks Residue Gas Transportation Storage Marketing Utilities‚ industrial Most Raw gas produced at the wellhead is not pipeline quality Must be processed Ethane Propane Normal Butane IsoButane Natural Gasoline How midstream companies make money Gathering – fee/ commodity based Processing
Premium Natural gas Financial ratio Generally Accepted Accounting Principles
Two regular people with an extraordinary love. No matter how bad it gets they will prevail. This OIL ON CANVAS painting tells an exceptional story about love‚ conflict‚ compassion‚ resolution‚ and friends. It shows the couple dancing in a rainstorm‚ one person holding an umbrella over the couple‚ with the CANOPY protecting them from rain. Another person running for cover from the rain. It seems as if the dancing couple is completely ignorant of the rain. The artist isn’t talking about a light
Premium English-language films Painting Art
Question DEWI TAMARA Crude Palm Oil After Crisis 2008 Course Topic : Managerial Economics Specific/ Related Topics : Comparative Advantage Case Synopsis On Asian crisis 1998‚ the palm owner and businessman still could face the crisis smugly. The base price of crude palm oil (CPO) for one fresh stem of oil palm (tandan buah segar) was USD 600 per ton‚ but with the exchange rate of Rp 16.000 per 1 USD‚ the producers were quite blessed from the crisis condition. With the average area owneship
Premium Economics Palm oil Malaysia
Microeconomics Week 4 Homework Chapter 6: #4 An explicit cost is the monetary payment a firm must make to an outsider to obtain a resource. An implicit cost is the monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market. Say you owned a deli shop. Examples of explicit costs would be the salaries of your employees‚ the cost of the building (electricity‚ plumbing‚ etc.) and all the different ingredients and foodstuffs you need to
Premium Costs Economics Cost
ES2550 Microeconomics - OL2-MAR1813 Project Part 1 [Author name] [Date] Barnes & Noble books which Estimated Elasticity is -4.00 which I believe is elastic because it has a value greater than 1 decrease in quantity demanded is proportionally greater than the increase in price. Coca-Cola which Estimated Elasticity is -1.22 I believe is elastic because it has a greater then 1 Cigarettes which Estimated Elasticity is -0.25 I believe is inelastic because it has less than 1 in absolute
Premium Supply and demand Microeconomics Elasticity
Case Analysis: Oil and Wasser There are two major barriers that are leading to an inevitable failure in the Royal Biscuit and Edeling merger. The first‚ and most important‚ is the lack of cultural competency between Brighton and Wallach‚ the two merger officiators. Both parties are displaying characteristics of ethnocentrism and misperception. Second‚ is the lack of corporate competency resulting from dissimilar corporate cultures‚ histories and business strategies. If the merger
Premium The Culture Culture Intercultural competence